ch 4 and 5 eco
Help!
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| How does the law of demand work? | iphone comes out price is high some buyers. But some people will wait because they know the price is gonna come down
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| 3 boxes how individual demand for product plays out in market | individual demand a + individual demand b = market demand
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| Give an example of marginal utility eventually reaches diminishing marginal utility | keep adding and no more satisfaction.ex hashbrowns
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| Give an example of two compliments | Personal computer and software
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| Give an example of a substitute | splenda and sugar
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| Consumer will likely buy table salt no matter the price because of the need this is________ | inelastic
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| What are the 3 questions economists ask when determining the product’s elasticity | can it be delayed, does it take up a large portion of income, if there is a substitute.
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| The law of supply of state that people will try and sell more at ___ than at ____. | High…. Low
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| Definition of supply schedule | listing of the various quantities of a particular product supplied at all possible prices in the market
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| All normal supply curves slope from the ___ to the ____. | Lower left to upper right
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| ___ is measured in the way of which quantities supply responds to change in price | supply elasticity
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| 3 stages of production | increasing returns, diminishing returns, negative returns
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| Example of a business with low fixed cost | online business
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| Formula to figure of total cost | total cost = sum of fixed and variable costs
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| Formula for total revenue | number of units sold x price per unit
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| Example of how law of demand works | price goes up demand goes down- price goes down demand goes up
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